Bidding War Breaks Out For Singapore's Fraser And Neave: Top Asian tycoons in race for Singapore's property and

A royal battle between two top Asian tycoons is underway for a controlling stake in Fraser And Neave, a 129-year old Singapore -listed property and beverage giant. Thai billionaire Charoen Sirivadhanabhakdi , Thailand ’s third richest person and F& N’s biggest shareholder with over a one-third stake, who’s made an open offer of S$8.88 ($7.2) per share, now faces a serious challenger in Stephen Riady, a Singapore property magnate of Indonesian descent. Overseas Union Enterprise , a Singapore-listed property firm controlled by Riady made a counterbid Thursday night of $10.7 billion for F&N, offering S$9.08 ($7.4) per share, in what is likely to be South East Asia’s biggest M&A deal. Riady has secured the backing of Japan ’s Kirin Holdings, F& N’s second largest shareholder with a 14.8% stake, which has agreed to buy the company’s food and beverage business for $2.2 billion i...